Zero-interest deferred loans are now available for improvements to rental units through the Central Minnesota Housing Partnership.
The deadline for filing applications is April 10.
Jason Krebsbach, community development director for CMHP, explained how the loan program works:
Owners of rental properties can use the loans for a variety of approved, permanent upgrades such as mechanical systems, roofing, siding, windows, doors and appliances in some cases. Those who apply must do so for at least six rental units. The maximum loan amount per unit is $45,000; the maximum for multiple units, all told, is $300,000. The rental units must be considered “affordable,” – that is, those expressly for low- to moderate-income people.
All applications will be rated according to a criteria process, then loans will be granted until current allocations are used up.
To obtain an application or for more information, go to www.cmhp.net. Or call Krebsbach at 320-258-0672.